Everybody loves feel-good crypto-optimism, right?
Earlier this week, the "US Senate Committee on Banking", along with the Chairman of the SEC and CFTC, met to discuss Bitcoin and virtual currency. Usually, these sorts of "meetings" aren't exactly expected to be bullish for cryptocurrency in general. They tend to be brainstorming sessions for the government to determine how best to either tax or restrict our assets.
In this case, however, the tone was relievingly even-handed. If you are curious, I'd encourage you to check out the highlights on YouTube (or elsewhere, if possible). I won't bother to recount the meeting as I'm not familiar with any specifics from it that merit repeating.
I would say the quote that best captures why I found the meeting's tone a pleasant surprise would be this one, highlighted by CryptoBobby (see his video in the sources below for more):
CFTC Chairman Giancarlo: “We owe it to this new generation to respect their interest in this new technology with a thoughtful regulatory approach.”
This is certainly good news for the bottom call we put in around $6060 earlier this week. $8000 has been holding solidly for a day or two. I know it's far too early to declare victory, but each moment we spend above $8000 with a fairly healthy (relatively speaking) looking chart increases the likelihood that this bottom will hold. External news of the positive variety can only help, especially since we touched the bottom amid more bad news from Chinese regulation and big problems at the Binance exchange.
Incidentally, Bitcoin Cash has also recovered very strongly from its bottom at $750, even more strongly than Bitcoin. It was a real steal at $750.00, and it looks like someone's large limit buy order at exactly $750.00 stopped the crash on February 6th. One worth keeping an eye on.
We also have a Radio Station! (click me)
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Sources: Google, Zero Hedge, Coindesk, CryptoBobby, Bitfinex
Copyright: Cryptowatch
Haha, solid photoshop work!
lol that would of been awesome if this happened. I heard that guy actually made a good bit in bitcoin donations!
yeah like around $50,000 around July 2017 if I am not mistaken....which then went up a few 100%...pretty nuts but you have to admit his timing was PERFECT...The Federal Reserve be grilled about transparency then FLASH buy bitcoin lol perfect truly perfect
Too funny.
Of course it will be...😉
Where did you see the video? I can't find it on the post... maybe im blind xD
yes sir here it is
Thank you for posting an extra link here.
sorry bro, since dms dont exist, i have to do it that way.
Do you want me to rework your steemit banner so that your letters become readable and nice on the eye ? If you dont know what i mean take a look at mine, i would do it similar
Domo-arigato mr roboto
Ill be sure to see it all, thank god all this crypto tax and crypto talk hasn't reached my country... i think we already have way to many troubles to deal with, im from portugal and between bad politics, forest fires, and a huge public debt we got our hands full
Not sure there was much positive news from the hearing. The small uptick is more due I believe to lack of an extremely negative hearing. We need a couple of weeks above $9,500 to have any confidence that the generally slow down trend from last 6 weeks is being interrupted
With the current huge correction in the stock market, especially here in Europe, do you think people will move into crypto in fear of a potential long-term correction/bear market in stocks?
Generally, yes, I see the mainstream market drawdowns as very positive. Some people will begin to get the message that the game of musical chairs on the Titanic is coming to an end. Crypto will be an obvious diversification because what else will they buy, gold?
Wow..thats good news..😊
I watched all i think 2 hours of it. It was actually interesting and I think the first time I really sat there and watched CSPAN lol It did come off as a promising tone but if regulations set in im not sure if bitcoin and other cryptos will have the same appeal and demand they currently do have. Right now it feels like a way to get back at the man and be rebellious lol
Interesting article! Checkout @cryptobroye for more bitcoin info and analysis. Im sure there's a lot we can learn from each other!
Thanks for the news. I hope this will end recent "crisis".
good news post
Politicians can be a puppet of big crypto owners/players that won't let their assets plunge so Bitcoin will continue to go for its price increase month after month.
Oh?
Crypto traders should claim their losses on their tax forms. Purchased at $19,000 sold at $8,000 -$11,000 losses for trading.
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Very interesting thanks :)
Yeah! Lexiconical! Back, in fine form! Thanks for the overview of recent events.
possible 50% or more retrace from last weeks low. The week/day closed lower than previous. Expect the unexpected. Dow also closed lower on the week.
Certainly some bullish news lately. Might take a while for confidence to return to the market. A lot of new speculators would have had fingers burnt in this recent sell off.
Out with the old in with the new! I really don't like it when old people don't realize that millenials are the future, we are the future of humanity, and they should be doing everything to make us have and work for a better tomorrow, the future of humanity should be our top priority, not how much money we can make!! Oil companies down, renewable energy sources up, pharmaceutic should have stronger laws against them to decrease the amount of drugs being used by ppl, and TV channels should be more instructional instead of putting shows that make ppl dumber by the minute, yes i know sex tv shows sell, but when they put a reality TV just about sex, that is when they have gone to far, i feel my few brain cells actually trying to commit apoptosis (programmed cell explosion)
Sorry this is just a rant comment xD Kinda angry about the state of today's society
This went much better than anyone would have anticipated.
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Doug Polk did a nice summary of the meeting on his blog. I agree it was fair to the tech. I am hopeful that maybe more users will join here in the USA. Got more hope that the furture looks bright for its use and maybe some flattening of distribution of weath and power. High hopes I know.
This went much better than I was expecting.
Perhaps one day bitcoin will become as stable as the Russian ruble.
I called the bottom on my page based on chart analysis it now looks like market sentiment has also changed.
I feel like the fundamentals pretty much match the price now so hopefully we will see more positive news to push the price higher.
Although bitcoin is still the heart that moves the market I find alternatives projects to be more interesting on a technical level.
https://steemit.com/blockchain/@safetony/the-power-of-blockchain-tech
Wow.. Awesome people! 👌don't forget to vote back
@rahmoe